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Kenya Water Service Provider Creditworthiness Index Report

TARIFFS SOVEREIGN BENCHMARK DEFICIT CAPITAL MARKETS REGULATORY FRAMEWORK BORROWER CORPORATE DEFAULT INTEREST RATE SPREAD DEFAULTS FINANCIAL MANAGEMENT INFORMATION SYSTEM DEBTORS INTEREST DOMESTIC CREDIT RATING INTEREST RATE OPTION LIQUIDITY DOMESTIC MARKET DEBTOR REPAYMENTS INFRASTRUCTURE DEVELOPMENT TOTAL DEBT REVENUES FINANCIAL STATEMENTS DEFAULT RISK LOAN CREDITWORTHINESS BORROWERS TAX INCOME TAX INCOME STREAMS GOVERNMENT SUPPORT INFLATION INTERNATIONAL BANK PENSION CASH FLOWS INSTRUMENTS LENDER DEBT PAYMENT EMERGING MARKET ECONOMIES ENABLING ENVIRONMENT BUDGET HUMAN RESOURCE CREDIT RATINGS CURRENCY INTEREST EXPENSE SECURITIES MARKET DEBTS FINANCES LENDING DECISIONS CASH RESERVES EMERGING MARKET FINANCIAL INSTITUTIONS MARKETS DEBT LONG TERM DEBT RETURN LENDERS ACCOUNTS RECEIVABLE LOANS RESERVES NATIONAL TREASURY DEBT SERVICE CAPITAL INVESTMENTS DUE DILIGENCE CREDIT RATING COMPANY LEGAL FRAMEWORK FINANCE MARKET ECONOMIES PROFIT MARGIN EXPENDITURE TRANSACTIONS EQUITY LOAN REPAYMENT INVESTORS SOVEREIGN RATINGS DEBT PAYMENTS GOOD GOVERNMENT BUDGET COMMERCIAL CREDIT GOVERNANCE ISSUES CREDIT ASSESSMENT TURNOVER LIQUIDITY RATIOS FUTURE DEFAULT RATES CORPORATE BORROWERS BUDGETS REPAYMENT FINANCIAL PERFORMANCE AMORTIZATION ISSUANCE LEGAL OWNERSHIP CASH MANAGEMENT BALANCE SHEET MARKET DEFAULT LOCAL CURRENCY CREDIT RATING PRINCIPAL REPAYMENTS RISK OF DEFAULT MUNICIPAL FINANCE SECURITIES TREASURY SOLVENCY CREDIT RISK INFRASTRUCTURE INVESTMENTS GOVERNMENT POLICIES INTERESTS CREDIT RATING AGENCY INVESTOR SECURITY DEBT INSTRUMENTS INVESTMENT DOMESTIC CREDIT COMMERCIAL BANKS HUMAN RESOURCES POVERTY CREDIT QUALITY FINANCIAL INFORMATION TARIFF DEFAULT RATE DEBT SERVICE PAYMENTS REVENUE MARKET SPECIALIST PROFIT INVESTMENTS LENDING DEBT INSTRUMENT TRUST FUND LIQUIDITY RATIO MARKET FINANCE INSTRUMENT CREDIT STRENGTH PUBLIC SPENDING LOCAL LENDERS LIABILITIES DEBT SERVICE PAYMENT GUARANTEE DEVELOPMENT BANK CASH FLOW INVESTING
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World Bank, Washington, DC
Africa | Kenya
2016-02-25T21:07:56Z | 2016-02-25T21:07:56Z | 2015-11

The Kenya water supply and sanitation (WSS) sector has been on a long path of facilitating commercial lending to Water Service Providers (WSPs). A key component of this effort is the evolution of rating the credit risk of WSPs for local lenders. However, the trade-off in credit rating WSPs is to provide the best credit analysis to help lenders assess the creditworthiness of WSPs, yet have a system that is simple and affordable enough to replicate on an annual basis. To solve this trade-off, the Water Services Regulatory Board (WASREB) and the Water and Sanitation Program of the World Bank have created a Creditworthiness Index for the WSPs in Kenya. In lieu of performing a full shadow rating analysis, which is much more thorough yet also more time-consuming and costly, the Creditworthiness Index provides a simplified snapshot of the financial and operational performance of WSPs.

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